Yes. Model 16 is the short action - and factory .308 WIN would be with that action.
Last year I did my Model 11 in a Boyd's Thumbhole and I had to add a new lower magazine frame (E. Arthur Brown) for the Boyd's stock. I got a steel trigger guard from Gun Shack (an advertiser here). http://www.gunshack.com/savage-parts
I did aluminum pillars and bedded the action and it went well. Definitely worth the effort IMHO.
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